ISLAMABAD: The SIFC Executive Committee has officially sanctioned the SIFC Visa Facility to foster a business and investment-friendly environment, marking a significant milestone in facilitating foreign investors.
Today, a session of the Executive Committee of the Special Investment Facilitation Council convened in Islamabad, chaired by Caretaker Minister for Planning and Development, Muhammad Sami Saeed.
The Committee commended the overall progress across diverse sectors and the robust economic ties with friendly nations, particularly acknowledging the recent signing of Memorandums of Understanding and agreements with the United Arab Emirates and Kuwait.
Throughout the meeting, pertinent ministries presented progress reports on various projects and proposed measures to enhance the conducive nature of the business and investment landscape.
Administrative issues linked to establishing economic zones were scrutinized, and discussions centered on improving the national-level industrial development system.
The Committee also addressed the ongoing privatization of State-Owned Enterprises, urging relevant stakeholders to expedite the process by the stipulated timeframe. The formal approval of the business and investment-friendly SIFC Visa Facility by the Executive Committee further solidifies the commitment to creating an environment conducive to foreign investment.
Pakistan’s Foreign Reserves Experience Substantial Surge With Significant Increase
Meanwhile, Pakistan’s economic landscape received a welcomed boost this week with a modest yet significant increase of $21 million in foreign exchange reserves held by the State Bank of Pakistan (SBP), bringing the total reserves to $7.04 billion. This positive development injected a sense of optimism into a nation grappling with financial challenges.
The country’s total liquid foreign reserves now stand at $12.2 billion, with net foreign reserves held by commercial banks reaching $5.16 billion, marking a 1.55% week-on-week increase of $78.7 million to $5.17 billion. This upward trend represents a reversal from the previous week’s decline of $237 million, offering a glimmer of hope for Pakistan’s financial stability.
While the central bank did not disclose specific reasons for the increase, analysts point to several potential factors. One contributing element could be the influx of fresh dollar inflows, with Pakistan actively pursuing avenues to boost reserves, including receiving a $1.2 billion tranche from the International Monetary Fund’s (IMF) Stand-By Arrangement earlier in the year. Financial assistance from regional allies such as Saudi Arabia and the UAE may have also played a role.
